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LuxeYard to raise its first round of funding for India expansion

US-based LuxeYard, Inc, a luxury flash sale
site, which had signed an exclusive licensing deal with veteran technology and
retail entrepreneur Sashi Chimala to expand their business in India, will be
raising its first round of funding lead by Regard Venture Solutions. The funding
will help LuxeYard’s entry into India’s ecommerce market.

US-based LuxeYard, Inc, a luxury flash sale
site, which had signed an exclusive licensing deal with veteran technology and
retail entrepreneur Sashi Chimala to expand their business in India, will be
raising its first round of funding lead by Regard Venture Solutions. The funding
will help LuxeYard’s entry into India’s ecommerce market.

Though the value of the funding is not
disclosed, it was said that the venture will also try raise $1 million in the
first round and $ 5 million in six-seven months to scale up the business. In
two years, Chimala will sell back the business to LuxeYard which will also
provide an exit route to investors.

“We have reached a critical milestone
for LuxeYard’s successful entry into India. Not only will this expansion
provide global access to a luxury lifestyle Indians want, it will also satisfy
an international demand for curated Indian luxury products. Our agreement with
REGARD will give us the momentum we need to fill this highly profitable vacuum
in India’s ecommerce marketplace,” said Chimala.

“There is tremendous value in what LuxeYard
is accomplishing on the international stage,” said Manish Paranjape of
REGARD Venture Solutions, adding, “Non-travel ecommerce in India is a
fast-growing market with incredible potential and we believe LuxeYard India is
in a desirable position to leverage this potential.”

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